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The federal government has launched an asset tracking and management project which will make it possible to locate, identify, assess and evaluate all its moveable and immovable assets.

In a statement on Sunday, Na’inna Dambatta, director of information, ministry of finance, said to achieve an effective tracking of government assets, a central asset register has been created and domiciled in the finance ministry.

The central asset register and the ATMProject, the statement said, were designed to enhance accountability, promote transparency and deepen efficiency in line with the change agenda of the Buhari administration.

It said these initiatives would afford the government to know and monitor its assets in real time online.

“For the first time a central and Unified National Database of Assets (Asset Register) would be generated and maintained for the purpose of recording, tracking and managing the huge investments in capital assets owned by government,” the statement quoted Kemi Adeosun, minister of finance, as saying.

“The Asset Tracking exercise and Register will make planning and control easier and improve accountability for assets. With the increased allocation to capital expenditure to 30%, it is important that all assets are recorded and accounted for.

“Where disposals occur, they must be in line with the laid down procedures and must be transparent.”

The statement also said that a circular has been dispatched to all ministries, departments and agencies (MDAs) requesting their accounting officers to prepare an inventory of all fixed assets held as at December 31, 2016.

“That any assets held by current and former staff are fully accounted for. In this regard, you may find it necessary to contact any former staff and /or political office holders to avail them the opportunity to return relevant assets in their possession.

“All inventory records submitted will be cross-checked to capital releases and project account purchases to ensure completeness. Where assets have been sold or otherwise disposed of, they must be recorded with supporting authorisation for sale and evidence of payment, where applicable.

“Any asset not accessible for physical inspection and not disposed of in accordance with financial requirements will be deemed to have been illegally withheld or converted. Please record such assets so as to enable the investigative agencies to be notified.”

Accounting officers of the MDAs were instructed to submit their reports not later than three weeks from the date of receipt of the circular.